Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for October 1-10. Accordingly, the company has raised its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 200/mt ($31/mt), to RMB 6,110/mt ($944/mt), RMB 6,200/mt ($958/mt), and RMB 6,050/mt ($935/mt), respectively. All prices are on ex-works basis.
For late September, the producer had kept its offer prices for high-speed wire rod and debar-in-coil stable, while its raised prices for rebar by RMB 150/mt ($23/mt).
As of September 30, the average rebar price in the Chinese market was standing at RMB 5,967/mt ($922/mt) ex-warehouse, up by RMB 350/mt ($54.0/mt) or 6.23 percent from September 17, according to SteelOrbis’ data. As of September 30, rebar futures prices at Shanghai Futures Exchange rose by RMB 228/mt ($35/mt) or 4.3 percent to RMB 5,706/mt ($882/mt) compared to September 17. A positive outlook prevails in the Chinese longs market as consumption will be at peak levels, while crude steel production will remain restricted.
Prices include 13 percent VAT.